Getting A Home Loan
Getting a home loan is really a simple process. You can even apply via email or the web and have financing in place prior to your arrival. This makes shopping for a home quicker, less stressful and helps your family to get settled right away. To get started with the pre-approval process please respond to this email or you may click on the link below and the lender I endorse will provide a no cost/no obligation evaluation of your current situation and determine which program will enable you to purchase a home.
If you plan to apply for a VA guaranteed loan you will need a VA Certificate of Eligibility. You can get this from your PAC pr PSB if you are still on active duty. If you are prior service you can contact the VA on the web or contact the retirement services center at a nearby installation for guidance in obtaining this document. Your lender may also be able to assist you in obtaining this document as part of the pre-approval process.
Many people believe that VA guaranteed loans are less expensive. This is generally true if you plan to buy a home with little to zero down. But, if you plan to make a down payment of 10% or more you may want to compare costs with other loan plans. Make sure you are working with a lender who is qualified to determine which type of loan program is most cost effective for you. You should request a “Good Faith Estimate” for the various types of loans you are qualified for so that you can compare the costs and payments. The link I have provided is my personal recommendation for a local lender, or you can contact a lender of your choice.
The following is what is typically required when applying for a home loan. I have also attached a Word copy of this checklist for your convenience.
- W-2 forms for the past two years
- Personal tax returns for the past two years and the last two years’ business returns if you are self-employed.
- Copies of pay stubs for the most recent 30 day period.
- A list of any debts your currently owe for credit cards, personal loans, student loans, furniture payments, computer payments or lines of credit with account numbers, outstanding balances and the MINIMUM payments that are due. You must also list any child support payments you are obligated to pay.
- Copies of bank statements for the most recent two month period for checking, savings, CD’s etc. You need to provide documentation for any account you wish to draw down payment monies from. If statements are multi page statements a lender will need all pages of the document.
- Your address for the past two years and your landlords’ names, addresses and phone numbers for the same two year period.
- Documentation to verify any additional income such as child support, retirement, social security or disability benefits.
- Copies of divorce decrees and child support orders if child support is paid or received.
If you would like to discuss loan options, or the loan process in general, contact Phil at 360-970-9977, or Jan Ward at 360-701-7793.